WASTE WATCH – Crowd Funding Pitfalls Eric Alvarez
Updated: Monday, February 17 2014, 10:59 PM CST
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Tenn.-- Altius Management took more than $25,000 in online donation and left investors with nothing to show for it, according to the Better Business Bureau of Middle Tennessee.
The BBB gave Altius Management an F-rating, after it says the company raised the money on kickstarter.com to fund the production of custom playing cards.
More than 800 donors from 32 countries were promised their own custom deck of cards but two years later, they have yet to receive them.
Kickstarter refused to comment. Instead a spokesperson referred Fox 17 to the website’s policy page, which says Kickstarter does not guarantee or investigate the completion of any project.
The Tennessee Department of Commerce and Insurance says crowd-funding websites are almost completely unregulated.
“With crowd-funding it's important to never invest more than you're willing to lose,” said spokesperson Katelyn Abernathy.
Altius president Ed Nash says he still plans to deliver the cards as promised.
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